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In the Age of High Technology cash strives to endure the competition
with electronic money, because more and more people prefer to have
virtual wallets. We already provided you with the information on
particular payment systems, in this article we will describe the general advantages of electronic payment system and its disadvantages.
It is clear, electronic payment systems have a range of pros in comparison to traditional banking services:

1. Time savings. Money transfer between virtual accounts usually
takes a few minutes, while a wire transfer or a postal one may take
several days. Also, you will not waste your time waiting in lines at a
bank or post office.

Only a few years have passed since Bitcoin was created, but everyone has
his own opinion concerning this subject. There are many people who
believe that cryptocurrency is a worthwhile replacement of the
traditional financial and banking system. Usually the majority of them
is working in IT sphere, in other words those who understand how the
Bitcoin protocol actually works. We have already mentioned the advantages of Bitcoin
in our previous articles, so there is no sense to repeat this again. In
a few words, it's a real challenge for established monetary system.
Bitcoin has been created for people, it does not belong to some person
or country, so it can’t be influenced by political and economic
circumstances.

A few years have passed when the mass media claimed that Bitcoin is the
technological and financial breakthrough. Today the majority of people
have become accustomed to the idea of a new form of money, many of them
even managed to join the cryptocurrency holders.

The online shops are increasingly accepting payments in bitcoin but in
spite of the general disposition to digital money, buyers are in no
hurry to part with their bitcoins for the purpose of shopping.

The part of bitcoins used as a method of payment is extremely small
compared to the traditional means of payment: UPT (unattended payment
terminal), credit/debit card, electronic payment system, etc. It may
seem that the cryptocurrency holders wait for the next jump of bitcoin
price while their coins are covering with the digital dust. Actually,
it's not quite true. According to statistics, bitcoins are frequently
used in exchange transactions where the average number is 200 thousand
bitcoins per day. Only 5000 bitcoins are used as means of payment daily.

As Bitcoin becomes more and more widespread people start to think about
the legal aspects of cryptocurrency usage. For the reason this is the
brand new type of money and actually there is no laws and regulations,
Bitcoin legal status varies depending on the country. The opinions are
divided but fall into the following groups:

The ones who chose to work on the issue of a regulatory framework for bitcoin
or at least not to stand in the way of those who use it (Australia,
Belgium, Brazil, Canada, Colombia, Croatia, Czech Republic, Cyprus,
Denmark, France, Germany, Hong Kong, Israel, Italy, Japan, Ukraine, New
Zealand, Norway, Poland, Singapore, Slovenia, South Korea, Spain,
Switzerland, Sweden, Turkey, United Kingdom, United States etc.)

The ones who defined cryptocurrency as illegal and try to
restrict it in some way (Bangladesh, Bolivia, China, Ecuador, Iceland,
Indonesia, Kyrgyzstan, Lebanon, Russia, Thailand, Vietnam etc.)
Although there are many states where the legal status of Bitcoin is
established and you are free to make transactions with cryptocurrency,
still there is no consensus on the essence of Bitcoin among the
countries where cryptocurrency is allowed.

A couple of years ago when Bitcoin steadily went up in price, many
people finally drew their attention to the alternative kind of money. In
a short time many of them realized the advantages of decentralized
money system, because there were no problems related to a typical
banking system, like: bureaucracy, high fees, the influence of external
factors on the currency rate etc. Even global corporations decided to
work with the digital money.

But at the same time Bitcoin came in sight of many scammers. For the
past four years the total amount of Bitcoin scams is measured in
hundreds of millions USD. The exact amount is unknown because except the
headline-making cases there are a lot of victims who suffered from the
attacks of fishing scammers and did not report about it.

It is worthy to note that to avoid Bitcoin scams is quite simple:

Don’t be tricked by easy pickings. Many scammers “accidentally” send
some bitcoin address and a private key asking to send money to
somebody’s address. It is intended that you decide to take someone’s
money, but actually in the form of text file there is an executable file
.exe, and after its installing it has an access to your bitcoin wallet.
So don’t be greedy, pal.